OpenSea has become one of the most popular marketplaces for NFTs. It was the first to launch a platform like this throughout the years. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs and want to start from an appropriate marketplace can provide the leverage you require. This is the reason we created this review – OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is quite a long read. If you’d prefer to take a look at a video instead, take a look at the review of this channel. They’ll guide the user through OpenSea and its features to ensure you’re fully aware before you begin 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 go on, you may want to check out 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? Hydrocycle Nft Australia
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The available NFTs are not limited to music, art games, or game products, as well as domain names.
It was established in the year 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 first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. One of the best things about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea The majority of the assets on the marketplace are held by the users, not by the platform. Because they’re an open marketplace, they use intelligent contracts so that users are able to interact with buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is successful, your digital assets will never leave your wallet. Moreover, you aren’t required to open an account. All you need is to have a web3-enabled wallet.
For those who are buyers, you can use their search engine to search for NFTs that you’d like to buy. They also offer filters to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. There are eight categories to which they typically fall into. Let’s take a closer review of each.
Music
Music may be one of the most well-known NFTs of all time. It’s not restricted to songs only; you can also buy mixtapes, remixes, beats, vocals, or whatever an artist offers. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Collectibles
Even before NFTs were popular, a few people were investing in collectibles such as baseball cards, movie props, or even the older technologies.
As 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 be. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been one of the most well-known NFT prior to when NFT was invented. Today, you can also do the same with digital artworks. This isn’t just limited to illustrations and digital paintings. You can also collect gifs images, photos, or short video clips.
Trading Cards
There is also the possibility of collecting digital trading cards, such as those from Sorare as well as BCCG.
Sports
Sports-related digital items can also be collected like animated team logos.
Virtual Worlds
VR space and other elements are now available for purchase. You can buy these metaverses, or other items like game elements as well as the VR environment virtual objects, characters, or even virtual worlds. One popular instance can be Axie Infinity.
Utility
As bizarre as it may sound there are also NFTs with specific capabilities. Examples include 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 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 on 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 then you’re all set.
For first-time sellers, you will be subjected to a one-time gas fee.
Currently, you can choose from five options for selling. These are:
Fixed Price
The seller is the one who will be charged the price that is the NFT. As the name implies, it never changes.
Dutch Auction
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease in time. Sellers generally set expensive prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT can be sold once they have agreed on a price.
English Auction
The seller will put up an NFT to sell and list the minimum price. It’s opposite to auctions like the Dutch Auction, where the price decreases over time. The English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea will automatically accept 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 through the marketplace.
Bundles
If you are looking to sell multiple NFTs in one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the price paid by the buyer. Similar to how regular galleries earn money by gaining a percentage of the paintings sold.
With OpenSea you only have to pay 2.5% when you purchase 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 OpenSea’s 2.5 percent fee affordable.
However, you have to be aware that certain NFTs have higher transaction fees as compared to other. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or from the standard 2.5%.
Furthermore, transactions to Etheruem is costly. The NFT collection will only be issued as a valid non-fungible token following the time your NFT bid has been accepted. The costs for the process will depend on the market, but you can expect it to be around $100 per NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game developers are paid as much as 15% commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal credit, debit, and debit card to make payments or deposit. Hydrocycle Nft Australia
The NFTs are only able to be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of wallets and blockchains 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 benefits and disadvantages when using OpenSea.
Pros
OpenSea is decentralized, making transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs even if there is no prior experience or know-how in blockchain or coding. Hydrocycle Nft Australia
They also offer several types of digital currency, which makes it one of the largest NFT marketplaces. Low platform charges are also a good opportunity to make more money.
Cons
Although it’s decentralized and has one of the most diverse NFT selections, it has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to establish a crypto wallet to sell or buy from the platform.
Bottom Line
Just like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its users to make transactions without having to worry about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Hydrocycle Nft Australia
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be fully charged to start.
Does OpenSea has a support team?
Yes they do have a support team that you can reach via their contact form. Go to their website, and look for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. When you’re ready to sell them, put them up for auction. This is a simple and low-cost method, but you can also go through their tutorials.
What are gas fees?
These are transactions costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined in accordance with the current market conditions, therefore they constantly change at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can use. When you’re using the browser on your mobile phone, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support team?
Yes they do have a support team you can contact through their contact form. Visit their official website and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can 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 gas-free and easy but you could also go through their tutorials.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven by the market, so they fluctuate every now and then.
