OpenSea has grown to become one of the most popular platforms for NFTs. It’s also the first one to launch a platform like this in the past. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from an established marketplace will provide the leverage you need. That’s why we made this review. OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is a long read. If you prefer to watch a video instead, you can check out the review of this channel. They’ll walk the user through OpenSea and its features so you’re fully aware before you begin NFT trading.
If you like reading, we’ll look over what it is before we go over the costs 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’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Inwestycja W Nft
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The most appealing aspect of these is that they permit users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets that are listed on this platform belong to users, not the platform. Since they are an uncentralized marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk their NFT ownership.
This means that unless the transaction is successful, your digital assets will never leave your wallet. In addition, you don’t have to open an account. All you need is to have a web3-enabled wallet.
For those who are buyers you can utilize their website to find NFTs you’d prefer to purchase. They also offer filters to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s take a closer look at each.
Music
Music could be among the most popular NFTs of all time. It’s not limited to music only. You can also buy mixtapes, remixes of beats, remixes or whatever the artist is offering. Some even buy background noises like rain, indistinct chatters and other sound effects.
Collectibles
Even before NFTs were popular, a few people invested in collectibles such as baseball cards, film props, and even older technology.
As for NFTs, you can gather avatars, virtual pets and other characters that can be sold 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 popular NFT, even before NFT was invented. In the present you can do the same with digital artworks. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as videos of short length.
Trading Cards
There is also the possibility of collecting digital trading cards like those from Sorare or BCCG.
Sports
Digital items related to sports are also available, such as animated team logos.
Virtual Worlds
VR space and other elements are now available for purchase. You can purchase these metaverses, or other items like game elements as well as the VR environment virtual objects, characters or even virtual lands. One popular example could be Axie Infinity.
Utility
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites are now 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 options for selling?
Selling your products on OpenSea is simple. All you need to do is to list them in the marketplace. You only have to ensure 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 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 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 decrease over time. Sellers generally set expensive prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT is sold after they have agreed on a price.
English Auction
The seller is required to put up an NFT to sell and list an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price drops over time. The English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs using the platform. They can be sold in the marketplace.
Bundles
If you are looking to sell several NFTs under 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 marketplaces to impose charges to use the platform. The fee is charged can vary depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. Similar to how regular galleries earn money through a portion of the paintings sold.
With OpenSea you only need to pay 2.5 percent when you buy an NFT. No listing costs and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5% fee competitive.
However, you have to understand that some NFTs have higher transaction charges as compared to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5 percentage.
In addition, trading on Etheruem could be expensive. Your NFT collection will be created as a valid token that is non-fungible after your NFT bid has been accepted. The price for this process will vary based on the market, but you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs charge additional commissions. For example, game developers get up to 15% as commissions for the 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 own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal, credit, and debit card to make payments or deposit. Inwestycja W Nft
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 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 disadvantages that come with using OpenSea.
Pros
OpenSea can be decentralized making transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest in NFTs even if you don’t have prior experience or know-how in blockchain or coding. Inwestycja W Nft
They also provide a variety of digital assets, making them one of the largest NFT marketplaces. Low platform costs are also a great opportunity to make more money.
Cons
Although it is decentralized and has one of the largest NFT selections, it has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
You will also need to set up your own crypto wallet to either sell or purchase on the platform.
Bottom Line
Like cryptocurrencies NFTs are also expanding over the past few years. It’s very creative and sounds odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without having to worry about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5% fee on sales is acceptable, given that some online stores may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Inwestycja W Nft
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re trying it with your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled up to start.
Does OpenSea has a support team?
Yes they do have a support team you can contact through the contact page. Go to their website, and look on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add an item in your inventory. When you’re ready to sell them, list them for auction. It’s easy and gas-free to do, however you should go through their tutorials.
What are the gas prices?
The gas fees refer to transaction costs that are charged by 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 by the market, therefore they constantly change at regular intervals.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it through your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be filled with money to get started.
Does OpenSea has a support team?
Yes they have a customer support staff that you can reach via the contact page. Visit their official website and look on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add the item to your collection. When you’re ready to sell them, put them up for sale. It’s easy and gas-free, but you can also look over their instructional videos.
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 recurring fees. The price is determined through the marketplace, which means they fluctuate from time to time.
