OpenSea has grown to become one of the most popular platforms for NFTs. It’s also the first one to introduce a platform of this kind over the years. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and celebrities have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs beginning with an established marketplace will give you the leverage you require. That’s why we made this review. OpenSea has been for a long time the most popular NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is a long read. If you prefer to watch a video instead, check out the review of this channel. They’ll walk users through OpenSea and its features so that you understand everything before you begin NFT trading.
For those who prefer reading, we’ll go through what it is prior to we look into its fees 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 review. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? How Nfts Are Created
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not limited to music, art, game items, and domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces, a concept that is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The best part about them is that they allow users to post NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea, all of the assets listed in this platform belong to users, not the platform. Since they are a decentralized marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk losing their NFT ownership.
If the transaction is completed, your digital assets will never leave your account. In addition, you don’t have to create your account. All you need is to possess a wallet that is compatible with web3.
In the event that you’re buying you can utilize their website to find NFTs you’d like to buy. They also offer filters to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. There are eight categories to which they typically fall into. Let’s have a review of each.
Music
Music could be among the most well-known NFTs all time. It’s not limited to just songs; you can also purchase mixtapes remixes of beats, remixes or whatever the artist has to offer. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Collectibles
Even before NFTs were popular, a few people were investing in collectibles such as baseball cards, film props, and even old technology.
In the case of NFTs, you can gather avatars, digital pets and other characters that can be sold or acquired. The rarer they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art
Art is always one of the most well-known NFT, even before NFT was invented. Today it is possible to make the same thing with digital artworks. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as small video clip clips.
Trading Cards
You can also collect digital trading cards like those of Sorare as well as BCCG.
Sports
Digital items related to sports can also be collected for example, animated team logos.
Virtual Worlds
VR spaces and elements can be purchased. You can buy these metaverses, or other items such as game items and the VR environment characters, virtual objects or even virtual lands. A well-known instance is Axie Infinity.
Utility
As far-fetched as it sounds, you can also buy NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting 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 need to do is list them on the marketplace. You only have to make sure your wallet is connected. Once you’ve added the price and type of auction then you’re all set.
For the first time sellers you will be subject to a one-time fee for gas.
At present, you can select from 5 selling options. They are:
Fixed Price
The seller will be the one who will be charged the price of the NFT. Just as the name suggests the price never changes.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease over the course of. Sellers typically set up very expensive prices. As time passes, it will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT can be sold when they have agreed on a price.
English Auction
The seller is required to put up an NFT for sale and lists an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will make bids until the seller is able to sell it to the highest 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 using the platform. You can then sell them on the marketplace.
Bundles
If you want to sell several NFTs within one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost paid by the buyer. This is similar to how traditional galleries make money by getting a share of the artworks sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 per cent fee competitive.
However, you have to understand that some NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart from the standard 2.5%.
Additionally, transacting to Etheruem could be expensive. The NFT collection will be minted as a valid non-fungible token following the time your NFT bid is accepted. The costs for the process will be based on the market, but you can expect it to be around $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For instance, game developers are paid as much as 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal, credit, and debit card to make payments for or make a deposit. How Nfts Are Created
The NFTs are only able to be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the blockchains and wallets 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 take a look at the benefits and disadvantages that come with using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and virtually impossible to be scammed. Moreover, you can easily invest with NFTs even if you don’t have prior experience or know-how in blockchain or coding. How Nfts Are Created
They also provide a variety of digital currency, which makes it one of the largest NFT marketplaces. Low platform costs are also a great opportunity to earn more income.
Cons
Although it is decentralized and has one of the largest NFT collection, the service still has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Bottom Line
Just like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without worrying about privacy or security. In addition, it doesn’t cost you high fees. A 2.5% cost on your sales appears reasonable, considering some marketplaces could 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 How Nfts Are Created
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it on your phone on the go, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support team that you can contact through their contact form. Go to their official website and look at “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add the item to your collection. When you’re ready to sell the items, post them for sale. This is a simple and low-cost method, but you can also check out their tutorials.
What are the costs for gas?
These are transactions charges from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The price is determined by the market, which means they constantly change every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re using it with your phone on the go, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support staff?
Yes, they have a support team that you can contact through its contact forms. Go to their website, and look on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add it to the collection. Once you’re ready to sell the items, post them for auction. It’s simple and free of gas to do, however you should look over their instructional videos.
What are the costs for gas?
Gas fees are transaction fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined in accordance with the current market conditions, therefore they change from time to time.
