OpenSea is now one of the top platforms for NFTs. It’s also the first one to launch a platform like this in the past. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs, then starting from an established marketplace will give you the leverage you require. This is why we wrote this review. OpenSea has been for a long time the top NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is a long read. If you’d rather take a look at a video instead, take a look at the channel’s review. They will guide you through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you like to read, let’s look through what it is prior to we look into its fees and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? How Far Behind Is Goverment On Nft Stamps
OpenSea provides a platform 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 that are available aren’t only limited to art, music 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 began by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces which is not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The best part about these is that they permit users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading quite similar.
For OpenSea, all of the assets listed in the platform are owned by the users, not by the platform. Because they’re a decentralized marketplace, they have smart contracts that allow users are able to interact with buyers without risking their NFT ownership.
This means that unless the transaction is complete, your digital assets will never be removed from your account. Furthermore, you’re not required to make your account. All you need is to have a web3 supported wallet.
If you’re a buyer, you can use their search engine to search for NFTs that you’d like to purchase. They also offer filters to make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. There are eight categories to which they typically fall into. Let’s look at each.
Music
Music is among the most well-known NFTs of all time. It’s not limited to music only. You can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Collectibles
Before NFTs became popular, there were people were investing in collectibles like baseball cards, film props, and even older technology.
In the case of NFTs, you can gather avatars and digital pet and other characters that can be traded or taken home. The more rare they are, the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been one of the most popular NFT, even before NFT came to be. In the present, you can also create digital artworks. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as short video clips.
Trading Cards
It is also possible to collect digital trading cards such as those of Sorare as well as BCCG.
Sports
Sports-related digital items can also be collected for example, animated logos of teams.
Virtual Worlds
VR space and other elements are now available for purchase. You can purchase these metaverses, or other items like game elements and the VR environment virtual objects, characters or even virtual lands. A well-known illustration can be Axie Infinity.
Utility
As far-fetched as it sounds, you can also buy NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites are now classified as 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 options for selling?
Selling your products on OpenSea is simple. All you need to do is post them in the marketplace. You only have to ensure that your account is linked. Once you’ve added your price and auction type then you’re all set.
If you are a first-time seller who are first-time sellers, you will be subject to a single-use gas charge.
Currently, you can choose from five options for selling. These are:
Fixed Price
The seller is the one to pay the price that is the NFT. As the name implies, it never changes.
Dutch Auction
For an auction like the Dutch Auction, the seller sets a price that will fall over time. Sellers generally set expensive prices. With time, the value will lower until it becomes equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT is sold after they have agreed on a price.
English Auction
The seller is required to put up an NFT to sell and list an amount that is a minimum. This is different from the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea can automatically take over the bid in the event that the auction is over 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. Then you can sell them in the marketplace.
Bundles
If you are looking to sell several NFTs in one transaction, you could use OpenSea’s bundle features. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It is common for crypto or NFT marketplaces to impose charges for using the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale price paid by the buyer. It’s similar to how regular galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 percent fee competitive.
However, you must be aware that certain NFTs have higher transaction charges compared to others. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5 percent.
Additionally, transacting to Etheruem could be expensive. The NFT collection will only be issued as a valid non-fungible token once your NFT bid has been accepted. The cost of the process will depend on the market conditions, however you can anticipate that it will be about $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game developers get up to 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like 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 make use of PayPal credit, debit, or debit cards for payment for or deposit. How Far Behind Is Goverment On Nft Stamps
The NFTs can be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with 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 look at the advantages and disadvantages of using OpenSea.
Pros
OpenSea can be decentralized making transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest with NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. How Far Behind Is Goverment On Nft Stamps
They also provide a variety of digital asset, which makes them one of the largest NFT marketplaces. The low platform fees are also an excellent way for you to earn more income.
Cons
Although it’s decentralized and offers one of the largest NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or purchase on the platform.
Bottom Line
Similar to cryptocurrency NFTs have also been growing over the years. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows users to make transactions without concern about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5 percent charge on your sales seems reasonableconsidering that some marketplaces may charge as much as 5 %.
All in all, 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 How Far Behind Is Goverment On Nft Stamps
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. When you’re using the browser through your mobile phone, your browsers must work with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be fully charged to begin.
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 official website and search at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add the item to your collection. When you’re ready to sell them, list them for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are gas fees?
Gas fees are transaction costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined by the market, which means they change from time to time.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it through your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be topped up for you to begin.
Does OpenSea has a support team?
Yes, they have a support staff that you can contact through its contact forms. Go to their official website and search for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add an item in your inventory. When you’re ready to sell them, list them for auction. It’s easy and gas-free, but you can also check out their tutorials.
What are gas fees?
These are transactions fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined through the marketplace, therefore they change at regular intervals.
