OpenSea is now one of the top markets for NFTs. It was the first to launch a platform like this in the past. It has 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 an interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with an appropriate marketplace can provide the leverage you need. This is why we wrote this review – OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is quite lengthy. If you’d rather take a look at a video instead, you can check out this channel’s review. They will guide you through OpenSea and its functions so you’re fully aware before you dive into NFT trading.
If you like the written word, go over what it is before 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 will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Is It Safe To Buy On OpenSea
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The best part about these is that they permit users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea The majority of the assets on the platform are owned by users, not by the platform. Because they’re an open marketplace, they use smart contracts that allow users can interact with potential buyers without putting at risk their NFT ownership.
If the transaction is complete the digital assets will never leave your wallet. In addition, you don’t have to make your account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers you can use their browser to search for NFTs that you’d prefer to purchase. There are filters that can simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. Here are eight categories in which they usually belong. Let’s take a closer look at each.
Music
Music could be among the most well-known NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes, remixes, beats, vocals or anything else an artist offers. Many people even purchase background sounds 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.
For NFTs, it is possible to collect avatars, digital pets and other characters that can be sold or collected. The rarer they are the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art
Art is always one of the most well-known NFT, even before NFT came to be. In the present it is possible to make the same thing with digital artworks. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as videos of short length.
Trading Cards
It is also possible to collect digital trading cards, such as those of Sorare and BCCG.
Sports
The digital objects associated with sports can also be collected such as 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, the VR environment, virtual objects, characters, or even virtual lands. One popular example is Axie Infinity.
Utility
As absurd as it may sound it is possible to purchase NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from any person. 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 post them on the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added the price and type of auction, you’re good to go.
For the first time sellers, you will be subjected to a one-time fee for gas.
At present, you can select from five options for selling. They are:
Fixed Price
The seller will be the one to pay the cost for the NFT. As the name implies, it never changes.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers usually set very expensive prices. As time passes, the price will decrease until it is equivalent to the bid of the buyer. 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 will list the minimum price. This is in contrast to auctions like the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs through the platform. Then you can sell them on the marketplace.
Bundles
If you want to sell several NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items are available as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. The fee is charged can vary according to the platform, it’s generally proportional to the cost that the buyer pays. Similar to how regular art galleries generate income through a portion of the artworks sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. No listing costs and other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 per cent cost competitive.
However, you have to know that certain NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5 percentage.
Additionally, transacting to Etheruem can be costly. Your NFT collection will only be created 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 that it will be around $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For example, game developers get as much as 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary to set up 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, debit, or debit cards to pay for or make a deposit. Is It Safe To Buy On OpenSea
The NFTs are only able to be bought or sold when your cryptocurrency is supported 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 take a look at the advantages and drawbacks when using OpenSea.
Pros
OpenSea has no centralization, making transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest with NFTs even if there is no prior experience or know-how in blockchain or coding. Is It Safe To Buy On OpenSea
They also provide a variety of digital assets, making them one of the biggest NFT marketplaces. Low platform fees are also an excellent method to make more money.
Cons
While it is decentralized and has one of the largest NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to set up your own crypto wallet to sell or buy from the platform.
Bottom Line
Like cryptocurrencies, NFTs have been expanding over the past few years. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without having to worry about privacy and security. In addition, it doesn’t cost users high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores could charge as high as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Is It Safe To Buy On OpenSea
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser with your mobile phone, the browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be topped up for you to begin.
Does OpenSea has a support team?
Yes they do have a support staff that you can contact through their contact form. Go to the official site and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add the item to your collection. When you’re ready to sell them, put them up for sale. This is a simple and low-cost method to do, however you should look over their instructional videos.
What are gas fees?
These are transactions costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven through the marketplace, so they change every now and then.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser with your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be filled with money to start.
Does OpenSea has a support team?
Yes, they have a support team that you can contact through its contact forms. Just go to the official site and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add the item to your collection. If you’re ready for selling them, list them for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are the costs for gas?
Gas fees are transaction costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven in accordance with the current market conditions, which means they constantly change every now and then.
