OpenSea has become one of the top marketplaces for NFTs. It’s also the first to introduce a platform of this kind in the past. It has seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from an appropriate marketplace can provide the leverage you require. That’s why we made this review – OpenSea has been for a long time the top NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is a long read. If you’d rather take a look at videos instead, take a look at this channel’s review. They’ll guide the user through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
If you like the written word, look over the basics before we go over the costs and what it has to offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Imec Nft
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was created 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 one of the very first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The best part about these is that they permit users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets on the platform are owned by users, not by the platform. Since they are a decentralized marketplace, they use intelligent contracts so that users can interact with potential buyers without having to risk losing their NFT ownership.
That means unless the transaction is complete the digital assets will never leave your wallet. Furthermore, you’re not required to make your account. All you require is to possess a wallet that is compatible with web3.
For those who are buyers, you can utilize their website to find NFTs you’d like to purchase. There are filters that can simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s look at each.
Music
Music could be among the most well-known NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes remixes, beats, vocals or whatever the artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards film props, and even older technology.
In the case of NFTs, you can gather avatars, virtual pets or other characters that can be sold or acquired. The rarer they are, the more value they will be. They also have variations like Nyan Cat and CryptoPunks.
Art
Art is always one of the most well-known NFT prior to when NFT was invented. In the present you can do the same with digital artworks. This isn’t just limited to digital illustrations or paintings. You can also collect gifs or images, as well as small video clip clips.
Trading Cards
There is also the possibility of collecting digital trading cards like the ones from Sorare as well as BCCG.
Sports
Digital items related to sports can also be collected like animated team logos.
Virtual Worlds
VR spaces and elements can be purchased. You can buy these metaverses, or other items like game objects and the VR environment virtual objects, characters or even virtual worlds. One popular example could be Axie Infinity.
Utility
As absurd as it may sound it is possible to purchase NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut 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 simple. All you need to do is post your products on the marketplace. You only have to make sure your account is linked. After you’ve entered your bid and the type of auction, you’re good to go.
If you are a first-time seller 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 to pay the price for the NFT. Like the name suggests, it never changes.
Dutch Auction
For Dutch Auctions, also known as 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 will lower until it becomes equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT can be sold once they agree on a price.
English Auction
The seller puts up an NFT for sale and will list a minimum price. It’s opposite to the Dutch Auction, where the price decreases with time. The English Auction, buyers will make bids until the seller is able to sell it 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 create your own NFTs through the platform. You can then sell them in the marketplace.
Bundles
If you are looking to sell several NFTs in one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s common for cryptocurrency or NFT exchanges to charge charges to use 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. It’s similar to how regular galleries earn money by gaining a percentage of the artworks sold.
With OpenSea You will only have to pay 2.5 percent when purchasing an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 per cent fee affordable.
But, it is important to be aware that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists may also receive an additional commission in addition to or of the required 2.5 percentage.
Furthermore, transactions to Etheruem is costly. The NFT collection will only be minted as a valid, non-fungible token after your NFT bid is accepted. The costs for the process will be based on the market conditions, however you can anticipate that it will be around $100 per NFT.
You also need to know that some NFTs have additional commissions. For instance, game developers are paid up to 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit, debit, and debit card to make payments or transfer funds. Imec Nft
The NFTs can only be purchased or traded only if the cryptocurrency you’re using 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 look at the advantages and drawbacks of 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 there is no any experience or expertise in coding or blockchain. Imec Nft
They also offer several types of digital currency, making their platform one of the largest NFT marketplaces. The low platform costs are also a great way for you to make more money.
Cons
Although it’s open source and has one of the most diverse NFT selections, it still has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
You will also need to create your crypto wallet to either sell or buy from the platform.
Bottom Line
Like cryptocurrencies NFTs are also increasing over time. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. More categories can be involved when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without worrying about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces could charge as high as 5 %.
In the end, 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 Imec Nft
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser on your mobile phone, your browsers must work with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be topped up for you to get started.
Does OpenSea has a support team?
Yes they have a customer support staff that can be reached via the contact page. Go to their website, and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add it to the collection. If you’re ready for selling them, put them up for sale. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the gas prices?
Gas fees are transaction charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined in accordance with the current market conditions, therefore they constantly change every now and then.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it with your phone on the go, your browsers should work with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea have a support staff?
Yes they do have a support team that you can contact through the contact page. Visit their website, and search at “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add it to the collection. Once 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 gas fees?
The gas fees refer to transaction costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven through the marketplace, which means they change at regular intervals.
