OpenSea has become one of the most popular marketplaces for NFTs. It’s also the first to introduce a platform of this kind in the past. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and other famous people have expressed their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with a good marketplace can help you get the leverage you require. This is the reason we created this review – OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is an extensive read. If you prefer to watch videos instead, take a look at the review of this channel. They’ll guide users through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
For those who prefer to read, let’s go through what it is prior to we examine its costs and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? How To Use Nft Linux
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The available NFTs are not only limited to art, music game items, domain names.
It was created in 2018 by Devin Finzer and Alex Atallah, two programmers who started 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.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. One of the best things about these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea The majority of the assets listed in this platform belong to the users, not the platform. Since they’re a decentralized marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without risking the security of their NFT ownership.
This means that unless the transaction is completed your digital assets will never be removed from your wallet. In addition, you don’t have to create your account. All you need is to have a web3 supported wallet.
If you’re a buyer you can use their search engine to find NFTs you’d like to purchase. They also offer filters to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase through OpenSea. Here are eight categories in which they usually belong. Let’s take a closer review of each.
Music
Music is among the most well-known NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes, remixes of beats, remixes or anything else an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Collectibles
Before NFTs became popular, some people were investing in collectibles like baseball cards, movie props, or even older technology.
For NFTs, it is possible to collect avatars and digital pet, and other characters that can be traded or collected. The more rare they are, the more value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art is always one of the most well-known NFT since before NFT came to be. In the present, you can also make the same thing with digital artworks. It’s not limited to digital illustrations or paintings. Gifs can be collected as well, images, or even videos of short length.
Trading Cards
You can also collect digital trading cards like those of Sorare or BCCG.
Sports
The digital objects associated with sports can also be collected, such as animated logos of teams.
Virtual Worlds
VR space and other elements can be purchased. You can buy these metaverses, or other items like game objects, the VR environment, virtual objects, characters, or even virtual lands. A well-known instance is Axie Infinity.
Utility
As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can be classified as NFT. Names that are based on blockchain can be purchased 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 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 make sure your account is linked. Once you’ve added the price and type of auction, you’re good to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
Currently, you can choose from 5 selling options. The choices are:
Fixed Price
The seller is the one who will be charged the cost for the NFT. Just as the name suggests the price never changes.
Dutch Auction
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers typically set up very expensive prices. With time, the value decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT can be sold when they agree on a price.
English Auction
The seller puts up an NFT for sale and lists the minimum price. This is different from the Dutch Auction, where the price decreases with time. When it comes to the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.
NFT Creation
You can also mint your own NFTs through the platform. They can be sold on the marketplace.
Bundles
If you want to sell multiple NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional 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 proportional to the price paid by the buyer. This is similar to how traditional galleries make money by getting a share of the paintings that are sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5% fee competitive.
However, you must be aware that certain NFTs have higher transaction fees in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem is costly. The NFT collection will be minted as a valid, non-fungible token after your NFT bid is accepted. The cost of the process will vary based on the market conditions, however you can expect it to be around $100 per NFT.
Also, you should know that some NFTs have extra commissions. For instance, game designers receive as much as 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need 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, debit, and debit card to make payments for or transfer funds. How To Use Nft Linux
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that 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 drawbacks of using OpenSea.
Pros
OpenSea is decentralized, which makes transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest in NFTs even if there is no experience or knowledge about blockchain or coding. How To Use Nft Linux
They also offer a range of digital assets, making their platform one of the most popular NFT marketplaces. The platform’s low costs are also a great opportunity to make more money.
Cons
While it is decentralized and offers one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
You will also need to create your crypto wallet to sell or purchase on the platform.
Bottom Line
Like cryptocurrencies NFTs are also expanding over the past few years. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without worrying about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5 percent charge on your sales seems reasonableconsidering that some marketplaces may charge as much as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ How To Use Nft Linux
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser through your phone on the go, your browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be filled up to begin.
Does OpenSea have a support team?
Yes they do have a support team that can be reached via its contact forms. Go to their website, and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add it to the collection. When you’re ready to sell them, put them up for auction. This is a simple and low-cost method, but you can also look over their instructional videos.
What are gas fees?
These are transactions costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined in accordance with the current market conditions, therefore they fluctuate from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser on your mobile phone, the browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be topped up for you to get started.
Does OpenSea has a support team?
Yes, they have a support staff that you can contact through the contact page. Go to the official site and search on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at 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 auction. This is gas-free and easy to do, however you should go through their tutorials.
What are the costs for gas?
These are transactions costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven through the marketplace, so they constantly change every now and then.
