OpenSea is now one of the top platforms for NFTs. It was the first to launch a platform like this in the past. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs beginning with a good marketplace can help you get the leverage you need. That’s why we made this review. OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is quite an extensive read. If you’d rather watch a video instead, take a look at the review of this channel. They’ll walk you through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you like reading, we’ll go through what it is prior to we look into its fees 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 review. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? How To Invest In Nft Market
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not restricted to art, music game items, domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces which is not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The best part about these is that they permit users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea, all of the assets on the platform are owned by users, not by the platform. Because they’re a decentralized marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without putting at risk their NFT ownership.
That means unless the transaction is completed, your digital assets won’t leave your wallet. Moreover, you aren’t required to create your account. All you need is to have a web3 supported wallet.
In the event that you’re buying, you can use their search engine to search for NFTs that you’d like to buy. There are filters that can make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s look at each.
Music
Music is among the most well-known NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes remixes, beatsand vocals, or whatever an artist offers. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
Before NFTs became popular, there were people were investing in collectibles like baseball cards, film props, and even old technology.
In the case of NFTs, you can gather avatars, virtual pets and other characters that can be sold or collected. The rarer they are, the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art is always one of the most popular NFT prior to when NFT came to be. As of today it is possible to do the same with digital art. It’s not limited to illustrations and digital paintings. Gifs can be collected as well, images, or even small video clip clips.
Trading Cards
You can also collect digital trading cards such as those of Sorare and BCCG.
Sports
Digital items related to sports are also available, for example, animated team logos.
Virtual Worlds
VR spaces and elements can be purchased. It is possible to purchase these metaverses or other things such as game items and the VR environment virtual objects, characters, or even virtual worlds. A popular illustration can be Axie Infinity.
Utility
As far-fetched as it sounds, you can also buy NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from 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 easy. All you need to do is post them in the marketplace. You only have to make sure your wallet is connected. Once you’ve added your price and auction type, you’re good to go.
For the first time sellers who are 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 will be the one to charge the price that is the NFT. Just as the name suggests the price never changes.
Dutch Auction
In an auction like the Dutch Auction, the seller determines a price that will decrease in the course of. Sellers typically set up very high prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may submit an offer. The NFT is sold after they reach an agreement on the price.
English Auction
The seller is required to put up an NFT to sell and list a minimum price. It’s opposite to that of the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea can automatically take over the bid if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs through the platform. They can be sold through the marketplace.
Bundles
If you are looking to sell several NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales price paid by the buyer. Similar to how regular art galleries generate income by getting a share of the artworks sold.
With OpenSea, you will only have to pay 2.5 percent when you buy an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 per cent cost affordable.
But, it is important to know that certain NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5%.
Furthermore, transactions to Etheruem can be costly. The NFT collection will only be minted as a valid non-fungible token once your NFT bid is accepted. The price for this process will depend on the market, but you can anticipate it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game designers are paid 15 percent or more commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal credit or debit cards for payment for or deposit. How To Invest In Nft Market
The NFTs can only be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains 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 take a look at the advantages and drawbacks when using OpenSea.
Pros
OpenSea can be decentralized which makes transactions safe and nearly impossible to be swindled. Moreover, you can easily invest in NFTs even if you do not have prior experience or know-how in blockchain technology or programming. How To Invest In Nft Market
They also offer several types of digital asset, which makes it one of the largest NFT marketplaces. Low platform charges are also a good opportunity to earn more income.
Cons
Although it’s open source and has one of the largest NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
It is also necessary to create your crypto wallet to sell or purchase on the platform.
Bottom Line
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s extremely creative and unusual, but that’s 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.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5% charge on your sales seems acceptable, given that some online stores could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ How To Invest In Nft Market
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. If you’re using it through your mobile phone, the browsers must be compatible 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 staff?
Yes they do have a support team you can reach via its contact forms. Just go to the official site and search at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. Once you’re ready to sell them, list them for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are the gas prices?
These are transactions fees from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined in accordance with the current market conditions, therefore they fluctuate from time to time.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support team?
Yes, they have a support team you can reach via its contact forms. Go to the official site and search for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add the item to your collection. Once you’re ready to sell them, put them up for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are the gas prices?
These are transactions fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined through the marketplace, therefore they fluctuate every now and then.
