OpenSea has become one of the most popular markets for NFTs. It’s also the first one to release such a platform in the past. It’s seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from a good marketplace can give you the leverage you require. That’s why we made this review – OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is quite lengthy. If you’d rather take a look at a video instead, take a look at this channel’s review. They will guide users through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
If you like to read, let’s go over the basics before we go over the costs 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 will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Light Dark Nft
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also among the very first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The most appealing aspect of them is that they allow users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea All of the assets that are listed on the platform are owned by users, not by the platform. Since they are an open marketplace, they use intelligent contracts so that users are able to interact with buyers without having to risk losing their NFT ownership.
This means that unless the transaction is completed your digital assets will never be removed from your wallet. Moreover, you aren’t required to open an account. All you have to do is have a web3-enabled wallet.
For those who are buyers, you can use their search engine to find NFTs you’d like to buy. They also have filters available to make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. There are eight categories to which they usually belong. Let’s have a look at each.
Music
Music is among the most well-known NFTs all time. It’s not limited to just songs; you can also buy mixtapes, remixes of beats, remixes or whatever the artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Collectibles
Before NFTs became popular, some people invested in collectibles such as baseball cards movie props, or even older technology.
As for NFTs, you can collect avatars, virtual pets, or other characters that can be sold or acquired. The rarer they are, the greater value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been among the most popular NFT, even before NFT became a reality. In the present it is possible to create digital artworks. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or videos of short length.
Trading Cards
There is also the possibility of collecting digital trading cards like the ones from Sorare or BCCG.
Sports
Sports-related digital items can also be collected like animated team logos.
Virtual Worlds
VR spaces and elements are now available for purchase. It is possible to purchase these metaverses, or other items like game elements, the VR environment, virtual objects, characters, or even virtual worlds. One popular illustration can be Axie Infinity.
Utility
As absurd as it may sound it is possible to purchase NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains 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 post them in the marketplace. All you need to do is to ensure your account is linked. Once you’ve added your price and type of auction then you’re all set.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.
Currently, you can choose from 5 selling options. The choices are:
Fixed Price
The seller will be the one to charge the cost of the NFT. Just as the name suggests, it never changes.
Dutch Auction
For the Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers generally set high prices. As time passes, it will decrease until it is equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold when they reach an agreement on the price.
English Auction
The seller will put up an NFT for sale and lists a minimum price. This is in contrast to that of the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs through the platform. Then you can sell them through the marketplace.
Bundles
If you are looking to sell several NFTs in one transaction, you could use OpenSea’s bundle features. 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 fees to access the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales cost that the buyer pays. It’s similar to how regular galleries earn money by getting a share of the paintings that are sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 per cent fee affordable.
However, you must understand that some NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional commission in addition to or from the standard 2.5 percent.
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 is accepted. The cost of 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 certain NFTs earn extra commissions. For instance, game developers are paid up to 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal, credit, and debit card to make payments or make a deposit. Light Dark Nft
The NFTs can be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the wallets and blockchains 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 examine the advantages and disadvantages when using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs even if you don’t have experience or knowledge about coding or blockchain. Light Dark Nft
They also offer several types of digital currency, which makes it one of the largest NFT marketplaces. The platform’s low fees are also an excellent opportunity to earn more income.
Cons
Although it’s decentralized and offers one of the largest NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
You will also need to establish a crypto wallet to sell or purchase on the platform.
Bottom Line
Like cryptocurrencies, NFTs have been growing over the years. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without having to worry about security and privacy. In addition, it doesn’t cost you high fees. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces may charge as much 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 Light Dark Nft
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. If you’re using it on your mobile phone, the browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be fully charged to get started.
Does OpenSea has a support team?
Yes they do have a support staff that you can contact through the contact page. Visit their official website and search at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. When you’re ready to sell the items, post them for sale. It’s easy and gas-free, but you can also check out their tutorials.
What are gas fees?
The gas fees refer to transaction costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven by the market, therefore they fluctuate at regular intervals.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. If you’re using it with your mobile phone, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be topped up for you to get started.
Does OpenSea has a support team?
Yes, they have a support staff that you can contact through the contact page. Just go to the official site and search on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add the item to your collection. If you’re ready for selling them, put them up for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are the costs for gas?
These are transactions costs that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The prices are driven in accordance with the current market conditions, so they fluctuate every now and then.
