OpenSea has become one of the top marketplaces for NFTs. It’s also the first one to launch a platform like this throughout the years. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with an established marketplace will help you get the leverage you require. This is the reason we created this review – OpenSea has always been the top NFT marketplace. But is it the right choice for you?
Before you go on, we’d like to warn you. This review is quite an extensive read. If you prefer to watch videos instead, you can check out this channel’s review. They will guide users through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
If you like reading, we’ll go over what it is before we examine its costs and the benefits it offers.
Before you continue, 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? Ligowave Nft 2Ac Setup
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art game items, domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The most appealing aspect of them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea All of the assets on the platform are owned by the users, not the platform. Since they are a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without having to risk the security of their NFT ownership.
If the transaction is successful the digital assets will never be removed from your wallet. Moreover, you aren’t required to make your account. All you need is to have a web3-enabled wallet.
For those who are buyers, you can use their search engine to find NFTs you’d like to purchase. There are filters that can make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs available to purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s have a review of each.
Music
Music is among the most well-known NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes remixes of beats, remixes or anything else an artist has to offer. Some even buy background noises 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 the older technologies.
For NFTs, it is possible to collect avatars, digital pets, or other characters that can be traded or acquired. The rarer they are, the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been among the most well-known NFT since before NFT was invented. As of today it is possible to create digital artworks. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or videos of short length.
Trading Cards
It is also possible to collect digital trading cards such as those of Sorare or BCCG.
Sports
The digital objects associated with sports can also be collected like animated team logos.
Virtual Worlds
VR environments and components can now also be bought. You can buy these metaverses, or other items like game elements as well as the VR environment virtual objects, characters and even virtual land. A well-known example is Axie Infinity.
Utility
As bizarre as it may sound, you can also buy NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can be considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling on OpenSea is simple. All you have to do is post them on the marketplace. It’s all you have to do is ensure your account is linked. After you’ve entered your bid and type of auction then you’re all set.
For the first time sellers who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose from 5 selling options. These are:
Fixed Price
The seller is the one to pay the cost that is the NFT. As the name implies, it never changes.
Dutch Auction
For the Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers generally set expensive prices. As time passes, it decreases until it’s equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT is sold after they reach an agreement on the 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 the Dutch Auction, where the price will decrease as time passes. When it comes to the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs using the platform. Then you can sell them in the marketplace.
Bundles
If you are looking to sell multiple NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items can be included in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It is common for crypto or NFT marketplaces to charge charges to use the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the price paid by the buyer. This is similar to how traditional galleries make money by gaining a percentage of the paintings sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 per cent cost affordable.
But, it is important to be aware that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Certain artists may also receive an additional sales commission apart of the required 2.5 percentage.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be created as a valid, non-fungible token after your NFT bid has been accepted. The cost of the process will be based on the market conditions, however you can anticipate that it will be about $100 per NFT.
You also need to know that certain NFTs earn additional commissions. For instance, game developers are paid as much as 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal, credit, and debit card to make payments for or make a deposit. Ligowave Nft 2Ac Setup
The NFTs can be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list with 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 look at the advantages and disadvantages of using OpenSea.
Pros
OpenSea is decentralized, which makes transactions safe and nearly impossible to be scammed. Moreover, you can easily invest with NFTs even if you don’t have any experience or expertise in blockchain technology or programming. Ligowave Nft 2Ac Setup
They also offer a range of digital currency, which makes them one of the largest NFT marketplaces. The low platform costs are also a great method to earn more income.
Cons
Although it is decentralized and offers one of the largest NFT collections, it has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Bottom Line
Just like cryptocurrencies, NFTs have been growing over the years. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without concern about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Ligowave Nft 2Ac Setup
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it with your phone on the go, your browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be topped up for you to get started.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach via its contact forms. Visit their official 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 be able to do is make an NFT and then add the item to your collection. Once you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are the gas prices?
These are transactions costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven by the market, so they fluctuate from time to time.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it through 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 topped up for you to start.
Does OpenSea have a support team?
Yes they do have a support team that you can reach via their contact form. Go to the official site and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add it to the collection. When you’re ready to sell the items, post them for auction. It’s simple and free of gas to do, however you should check out their tutorials.
What are gas fees?
Gas fees are transaction fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined in accordance with the current market conditions, which means they change from time to time.
