OpenSea is now one of the most popular marketplaces for NFTs. It was the first to release such a platform over the years. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed an 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 help you get the leverage you need. That’s why we made this review. OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you begin, we’d like to warn you. This review is an extensive read. If you’d rather take a look at a video instead, you can check out this channel’s review. They’ll guide you through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
For those who prefer the written word, go through what it is prior to we go over the costs and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? L’Atelier Nft
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces and a concept as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. The best part about them is that they allow users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea All of the assets listed in this platform belong to users, not the platform. Since they are an uncentralized marketplace, they use smart contracts that allow users can communicate with potential buyers without having to risk losing their NFT ownership.
That means unless the transaction is successful, your digital assets won’t leave your wallet. Furthermore, you’re not required to open an account. All you need is to have a web3 supported wallet.
If you’re a buyer you can use their search engine to look for NFTs you’d like to purchase. They also have filters available to 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 available to purchase through OpenSea. Here are eight categories in which they usually belong. Let’s take a closer review of each.
Music
Music could be among the most well-known NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes remixes of beats, remixes or anything else an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
Even before NFTs became popular, there were people invested in collectibles such as baseball cards, movie props, or even old technology.
As for NFTs, you can collect avatars and digital pet, and other characters that can be traded or collected. The rarer they are the greater value they have. 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 came to be. Today it is possible to do the same with digital art. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as short video clips.
Trading Cards
It is also possible to collect digital trading cards, such as those from Sorare and BCCG.
Sports
Sports-related digital items are also available, like animated team logos.
Virtual Worlds
VR spaces and elements can be purchased. It is possible to purchase these metaverses and other things like game objects and the VR environment virtual objects, characters, or even virtual lands. A well-known illustration is Axie Infinity.
Utility
As absurd as it may sound, you can also buy NFTs with specific capabilities. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by 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 need to do is post them in the marketplace. You only have to ensure your account is linked. Once you’ve added the price and the type of auction and you’re ready to go.
For first-time sellers you will be subject to a single-use gas charge.
At present, you can select from 5 selling options. These are:
Fixed Price
The seller is the one to charge the cost that is the NFT. Just as the name suggests it is not subject to change.
Dutch Auction
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease in the course of. Sellers usually set very high prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT can be sold when they reach an agreement on the price.
English Auction
The seller puts up an NFT for sale and lists a minimum price. It’s opposite to that of the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs through the platform. They can be sold through the marketplace.
Bundles
If you want to sell several NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be listed in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost that the buyer pays. This is similar to how traditional galleries earn money through a portion of the artworks sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 per cent cost reasonable.
But, it is important to understand that some NFTs charge higher transaction costs as compared to other. It is possible for this to differ between seller. Some artists can also have an additional sales commission apart of the required 2.5%.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will only be created as a valid non-fungible token after your NFT bid is accepted. The price for this process will vary based on the market, but you can anticipate that it will be about $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For instance, game developers get as much as 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet. This is where 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 for payment for or make a deposit. L’Atelier Nft
The NFTs are only able to be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with blockchains and wallets 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 has no centralization, which makes transactions safe and nearly impossible to be scammed. Moreover, you can easily invest in NFTs even if there is no any experience or expertise in blockchain technology or programming. L’Atelier Nft
They also offer several types of digital currency, which makes them one of the most popular NFT marketplaces. The low platform costs are also a great method to earn more income.
Cons
Although it is decentralized and has one of the largest NFT selections, it has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for payments using currency like USD or Euros.
It is also necessary to create your crypto wallet to sell or purchase on the platform.
Bottom Line
Just like cryptocurrencies NFTs have also been increasing over time. It’s extremely creative and strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a wide range of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without having to worry about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces could charge as high as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ L’Atelier Nft
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. If you’re using it through your phone on the go, your browsers must work with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be filled up to start.
Does OpenSea have a support staff?
Yes they do have a support team can be reached via its contact forms. Go to the official site and look at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add an item in your inventory. If you’re ready for selling them, put them up for auction. This is a simple and low-cost method to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
These are transactions costs that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined through the marketplace, therefore they fluctuate at regular intervals.
What do I need so I can utilize OpenSea?
OpenSea has 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 an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea has a support team?
Yes they have a customer support team you can reach through their contact form. Go to their website, and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. If you’re ready for selling the items, post them for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
These are transactions fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined through the marketplace, which means they fluctuate every now and then.
